to: provide for a ‘two strikes and re-election’ process when a company’s remuneration report receives a 25 per cent or more ‘no’ vote in two consecutive years; require the company board or remuneration committee to approve any remuneration consultancy contract; require remuneration consultants to report to non-executive directors or the remuneration committee; require remuneration consultants and boards to declare a recommendation is made free from undue influence; require companies to disclose certain details relating to a remuneration consultant; prohibit directors and executives from voting their shares on remuneration resolutions; prohibit hedging of incentive remuneration; require shareholder approval for declarations of ‘no vacancy’ at annual general meetings; require that non-chair proxies vote as directed when they vote on a poll; and confine disclosures in the remuneration report to key management personnel.

in relation to: Australian Securities and Investments Commission approved (compulsory and voluntary) transfers of estate assets and liabilities; ‘compulsory’ transfers of business to a public trustee; ministerial approval for listing a trustee company; holding out as a licensed trustee company; the term ‘authorised trustee corporation’; common funds and registered schemes; arm’s length transactions; fee regulation; drawing down of fees from income or capital; and reasonable fees being charged for tax return preparation; and

Payment Systems (Regulation) Act 1998

to provide that anything done by a payment system participant when complying with an ATM access regime as determined by the Reserve Bank of Australia is exempt from Part IV of the

to: extend the regulatory regime for remittance dealers and providers of remittance networks; and expand the agencies with which Australian Transaction Reports and Analysis Centre (AUSTRAC) can share financial intelligence;

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

and

Privacy Act 1988

to enable reporting entities to use credit reporting data to verify the identity of their customers; and

Financial Transaction Reports Act 1988

to enable the Chief Executive Officer of AUSTRAC to exempt a person from provisions of the Act.

Establishes the Commission of Inquiry into the Building the Education Revolution Program and provides for: the functions and powers of the commission; offences relating to the giving of evidence before the commission; matters relating to the operation of the commission; and the commission to present its findings and any recommendations by 1 November 2011.

The bill: requires civil litigants to file a genuine steps statement before legal proceedings are instituted in the Federal Court or the Federal Magistrates Court; sets out the powers of court in relation to the genuine steps requirements and awarding costs; and provides that certain categories of legal proceedings are excluded proceedings.

Creates the independent statutory position of Commonwealth Commissioner for Children and Young People and provides for: the functions and general powers of the position; terms and conditions and staffing support; regular and annual reporting requirements; and a review of the operation of the Act after a two-year period.

to permit the Australian Securities and Investments Commission to apply for a search warrant without issuing a notice to produce the material sought;

Corporations Act 2001

to: require persons to state the purpose for which they require a copy of a register of members of a company or registered scheme; provide that a register maintained on a computer should be inspected on a computer; enable the regulations to prescribe the formats in which a copy of a register should be provided; provide that an unsolicited offer made to purchase financial products off-market must remain open for at least one month from the date of offer; and increase the maximum penalties for insider trading and market manipulation offences; and

Telecommunications (Interception and Access) Act 1979

to enable an interception agency to apply for telecommunications interception warrants when investigating insider trading and market manipulation offences.